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On the Role of the Manufacturing Industries in Economic Resilience.
Arbesleitner, Roland ; Young, Mitchell (advisor) ; Svoboda, Karel (referee) ; Figueira, Filipa (referee)
Economic resilience has recently enjoyed increased popularity in academic discourse, especially after the 2008 Global Crisis played havoc across the globe, but is as of now still in its infancy: A commonly agreed upon definition is yet to be found, and papers devoted to this concept are still rather scarce. It is commonly known that the manufacturing industries in European economies have generally been in decline for decades, and that they have primarily been replaced by the services sector. It has however been argued in the past that due to relatively high sunk costs, there is increased incentive for investors to keep manufacturing enterprises afloat during difficult times as long as possible, making them less likely to go out of business compared to others, thereby minimizing the initial blow of an economic shock to the respective economy and subsequently foster recovery. These assumptions are being examined in this paper by analysing data from the EU-28 starting at the outbreak of the 2008 crisis until 2015, followed by an investigation of individual economies in greater detail. The results show that more industrialised economies tend to have fared better during the crisis years and also managed to recover sooner.
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Inflation Convergence in the European Union: the effect of monetary regimes, the global financial crisis and the zero lower bound
Brož, Václav ; Kočenda, Evžen (advisor) ; Holub, Tomáš (referee)
Synchronizace inflačních cyklů je jednou z podmínek teorie optimální měnové unie, a jelikož bude jednoho dne valná většina členských států EU používat euro, zdá se analýza konvergence jejich inflačních měr jako rozumná i z dnešního pohledu. Používáme data měřítka harmonizovaného indexu spotřebitelských cen, jakož i velmi flexibilní model zdánlivě nesouvisejících regresních modelů a podáváme důkaz o všeobecně rozšířeném, setrvalém a robustním výskytu konvergence inflace v celé EU mezi lety 1999 a 2016. Navíc nám naše metodologie umožňuje zahrnout do modelu řadu dummy proměnných indikujících konkrétní období s možným dopadem na konvergenci inflace. V tomto smyslu ukazujeme, že měnové režimy zaměřené na cenovou stabilitu (inflační cílování, opatření omezující pohyb měnového kurzu) mají příznivý dopad, období globální finanční krize a nulové dolní meze se obecně nejeví jako rušivé, zatímco efekt zavádění společného evropského práva zůstává nejistý. Naše hlavní závěry implikují, že synchronizace inflace zřejmě nepředstavuje problém pro další rozšíření Eurozóny.
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Bank regulatory standards and supervision: The impact on the of banks' efficiency
Kufnerová, Andrea ; Fišerová, Tereza (advisor) ; Havránková, Zuzana (referee)
This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...
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Resolving banking crises
Juhász, Michal ; Seknička, Pavel (advisor) ; Bažantová, Ilona (referee)
The Diploma Thesis deals with the banking crisis and aims to account for different approaches to the understanding of the nature of banking crisis. The Thesis further aims to provide answers why the banking crisis are caused and why so far there are no measures that would effectivelly prevent such crisis. At first, the Thesis states the definition of banking with the emphasis on banks as the institutional backbone of the current functioning of the financial system. The Thesis pays specific attention to the characteristics of two basic legal banking instruments, particulary loans and deposits. While acknowledging the loan expansion, the thesis argues the role of regulatory authorities and the limits of their competences in regards to the prevention of crisis. Followingly, the Thesis offers a view on a banking crisis phenomenon with appropriate historical overview outlining the banking crisis in Czechoslovakia in years 1918 to 1939 and after 1989, the loan expension influence on the business cycles and approaches to banking crisis solving in respect to stabilization of the banking system and restructuring of banks. At last but not least, the Thesis sums up the global financial crisis that started as a banking crisis, respectively as a crisis of one segment of the banking market in the United States...
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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Quantitative Easing and its Impact on Wealth Inequality
Lazar, Stefan-Alexandru ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of wealth was transferred from the middle class over to the top 5 % income households. Starting from a set of assumptions the calculation is performed by extrapolating the data required and by isolating the system from any external variables. The result is a theoretical model meant to describe the mechanism that links Quantitative Easing to wealth inequality. Moreover a detailed comparison is provided with the effect of a conventional monetary policy such as Open-Market Operations. Finally solutions to this issue are being discussed from economical, political and fiscal standpoints.
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Was the Spanish labour market reform of 2012 successful?
Bondarevska, Anna ; Pekárek, Štěpán (advisor) ; Prokop, Jaromír (referee)
This thesis explores the efficiency of the reforms on the labor market of Spain in 2012. The main goal of this work is to evaluate the effectiveness of undertaken reform against its own objectives. Relevance of this topic is that after the Global Financial Crisis of 2008 many country s economic situation significantly worsened. Searching for the way out of the complicated and undesirable economic situation countries applied new reforms and development plans majority of which didnt contribute into the improvement of country s economy. Concerning this fact it appears extremely important to analyze measures undertaken by Spanish government and its efficiency. To evaluate the effect caused by the reforms I have analyzed long-term results of it its influence on the selected indicators and overall unemployment.
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Analýza čínského socialistického tržního hospodářství - Na zúžení vývoje nebo na okraji kolapsu
Gu, Wangzheng ; Žamberský, Pavel (advisor) ; Taušer, Josef (referee)
After more than 30 years of fast economic development since the Reform and open up to the world in 1978. Chinas socialist market economy is ranked at the worlds second largest economy by nominal GDP. and the worlds largest economy by purchasing power parity according to the IMF today. In spite of the outstanding economic data. China is facing numbers of problems like overcapacity and high financial risk. The goal of this thesis is to dig into the hidden realities behind the fast economic growth of China mainly through analyzing the economic situation after the 2008-09 Chinese economic stimulus plan. which is known asthe 4 trillion RMB (USD 586 billion) stimulus package announced by the State Council of the Peoples Republic of China on 9 November 2008. It is regarded as an attempt to minimize the impact of the global financial crisis on the worlds second largest economy. However. critics of Chinas stimulus package have blamed it for causing a surge in Chinese debt and overcapacity since 2009. particularly among local governments and state-owned enterprises.
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Selected aspects of economic relations between the European Union and the People's Republic of China at the beginning of the 21st century and their real impact on the world economy
Smola, Filip ; Bolotov, Ilya (advisor) ; Čajka, Radek (referee)
The main aim of this dissertation is to analyze selected economic activities and economic relations occurring between the European Union and China. This dissertation is divided into four main chapters to ensure coherence and continuity throughout the research. The first chapter deals with the historical development of mutual cooperation between Europe and China. This chapter emphasizes recent events. The most extensive part of this work, the second section, addresses key areas of cooperation between the EU and China. Most of the research focus is devoted to trade economic relations and investment relations. Further, the second chapter addresses controversial areas within the mutual EU-China relations. In contrast with the second chapter, which looks at the mutual relations from the perspective of the whole EU, the third chapter distinguishes bilateral relations between two EU countries and China. The purpose of the third chapter is therefore to highlight the different approach of individual EU member countries. In the last chapter, I try to assess the growing influence of both the EU and China within the global economy. Finally, I outline the possible future development of the research topic.
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Comparison of regulation and supervision of financial systems in the US and the EU
Prada, Stanislav ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The master thesis deals with the issue of the development of regulation and supervision of the financial systems in the US and the EU. The thesis is primarily focused on the regulatory and supervisory bodies and the area of capital adequacy in both, the US and the EU and changes in these areas in response to the global financial crisis. In order to meet the theses objectives the thesis is divided into three chapters, which are logically and chronologically connected. The first chapter covers the period before the financial crisis. This chapter analyzes American and European system of regulation and supervision in the period before the crisis, as well as Basel I and Basel II and the reaction of the US and the EU on these agreements. The second chapter focuses on the period of the financial crisis. Chapter analyzes the causes that led to this crisis and also its actual progress. Next section of the second chapter analyzes the US and the EU response to the crisis and the steps which the US and the EU have taken in an effort to save their financial systems. The last chapter covers the post-crisis period. This chapter is devoted mainly to the new concept Basel III and its implementation in the US and the EU. The conclusion of the thesis will be devoted to an overall summary and to comparison of obtained information.
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